Apple posts record quarterly earnings

Steve Jobs celebrates "phenomenal quarter"

Apple's new iPad sales lead to record quarterly earnings for the company

The success of the iPad has paid dividends, with Apple celebrating the financial success of the last "phenomenal quarter" in 2010, posting record quarterly earnings this week.

And by phenomenal, Jobs means that revenues were up 88 per cent to $15.7bn (£10.2bn), while net profit was up 78 per cent at a whopping $3.25bn

Exceeded analysts' forecasts

The latest Apple financial results were well in excess of analysts' forecasts, boosted by strong consumer demand for the iPad and record sales of the Mac computers. iPhone sales were down slightly through the quarter as consumers were waiting for the iPhone 4 launch in June.

Memories of the recent 'antennagate' PR nightmare fade into (almost) insignificance in the light of Apple's latest record profits.

Apple sold 3.47 million Macs worldwide, and 3.27 million iPads throughout the quarter.

"iPad is off to a terrific start, more people are buying Macs than ever before, and we have amazing new products still to come this year," said Jobs.

Apple's shares were immediately boosted, up 2.5% in after-hours trading, following the announcement of the latest financial results from Cupertino.

"There is a virtuous circle going on with Apple, as customers who are exposed to the iPhone and iPad also want a Mac," said Colin Gillis of BGC Partners in a research note.

Tim Cook, Apple's chief operating officer, claims that around half of the Macs sold during the quarter were to new users.

"Let me be clear about this — we are selling every unit we can make currently," Cook said. "My phone is ringing off the hook with people who want more supply.

"We are selling both products as fast as we can make them, so we are quoting longer lead times than we'd like, and we're working round the clock to alleviate this."